Beaverton Real Estate: The First Time Home Buyer
By Ken Reetz
The last 12 months have been hard on First Time Buyers. The competition for entry level homes has been fierce, driven significantly by Cash Buyers and other Buyers who are bringing large down payments as part of their Pre-Approval letter from their lender.
Many First Time Buyers will have five and six offers rejected before finding success, the process can be emotionally brutal. Two questions come to mind: First, what is a good strategy to finally succeed? Second, is it worth the effort?
The answer about strategy will depend upon your specific circumstances. The answer about being worth it is ABSOLUTELY – without question, unless you are constantly moving. Moving every year or two would make ownership difficult and costly, but even these folks face a day when settling in will be much more desirable than going through another move or another rent increase.
Let’s talk first about why it’s worth every effort to become a home owner, and then we can get to the strategy. The reason home ownership matters to me is because we live in the same community, Beaverton, so it’s important to all of us that it thrives. Statistics prove ownership raises the quality of living in every way, for the individual and also the overall population.
That said, here is what home ownership offers on a personal level, aside from providing a more stable community:
- Ownership is forced savings – you pay rent or you pay a mortgage. The mortgage will earn equity and the rent won’t.
- Ownership offers a fixed housing budget. Fixed rates are just that. Rents are always increasing.
- Ownership allows roots and memories to develop over time.
- Ownership allows freedom to remodel, which adds to personal comfort and increased value.
- Ownership builds wealth and leverage – especially when that last mortgage payment is made. Think about entering retirement in that scenario!
There are lots of people today who are concerned about down payments and credit issues, which may be legitimate, but many of those same folk will be surprised to know just how close they are to being able to own their own home. A good Realtor will have resources in their network to get the job done with much less difficulty than one may realize. Someone needs to say it out loud, “Get away from the Internet and have a face to face with someone who can actually help you!”
Good and surprising things work out all the time, and believe me it is worth the effort to talk with an expert who knows how to make it happen.
What is the strategy to be successful? Your circumstances are yours, and a general article is no place to discuss it and pretend it is useful. Your specifics may not apply to anyone else so any strategy that does not factor YOU is likely incomplete or irrelevant. For that reason we actually won’t be talking about strategy – get to a trusted Realtor so you can formulate something that will work in the real world.
If you don’t know anyone, or are not comfortable because they do more talking than listening, then give me a call and we can have the conversation.
Remember, good things happen when there’s good preparation. Best of luck out there.
Ken Reetz, Real Estate Broker, Zip Realty: 503-330-4148, www.ReetzProRealEstate.com